Islamabad: Pakistan Prime Minister Shehbaz Sharif has pledged to steer Pakistan away from reliance on foreign aid and IMF bailouts, aiming to surpass neighboring countries in economic prowess. In a televised address marking 100 days of his government’s tenure, Sharif expressed optimism that the ongoing negotiations with the IMF would mark the final bailout in Pakistan’s history.
Currently, Pakistan is in talks with the IMF for a loan estimated between USD 6 billion to USD 8 billion to stabilize its economy and prevent default.
Sharif underscored his commitment to fiscal discipline and outlined plans to prioritize education and skill development for the youth over the next five years. He stated, “Inshallah, this will be the last IMF programme in Pakistan’s history. We will stand on our feet and surpass our neighboring countries in economic activity.”
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The Prime Minister highlighted the necessity of making tough decisions, including the elimination of redundant institutions and ministries that burden the national treasury without benefiting the public, potentially saving billions for taxpayers.
He cautioned that the journey ahead would be challenging, requiring sacrifices from both government officials and citizens. Nevertheless, he assured that his administration is resolute in bringing about transformative change.
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Since assuming office on March 4, Sharif claimed significant economic improvements, citing a drop in inflation from 38% to 12% and a reduction in loan interest rates from 22% to 20.5%. He also emphasized the ongoing efforts to combat corruption and inefficiencies, particularly in the Federal Board of Revenue (FBR), which is undergoing comprehensive digitalization.
“Every terrorist, smuggler, power thief, and tax evader is an enemy of the economy,” he declared, rallying for collective efforts to achieve national economic goals. Sharif expressed confidence that Pakistan can break the cycle of debt by adhering to the outlined economic program and targets.
